https://www.taxtmi.com/caselaws?id=373413 The Tribunal initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor as they failed to respond to the Section 8 notice or dispute the claim by the Operational Creditor. An Insolvency Resolution Professional (IRP) was appointed, directing the Operational Creditor to remit a specified sum to commence the moratorium under Section 14 of IBC, 2016. The Board of Directors' powers were suspended, and the IRP was tasked with managing the company's affairs. Cooperation with the IRP and regular status reports on CIRP progress were mandated. All parties were directed to comply with the orders within the confines of IBC, 2016. en-us Thu, 20 Dec 2018 00:00:00 +0530 Sat, 12 Jan 2019 06:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373413 The Tribunal initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor as they failed to respond to the Section 8 notice or dispute the claim by the Operational Creditor. An Insolvency Resolution Professional (IRP) was appointed, directing the Operational Creditor to remit a specified sum to commence the moratorium under Section 14 of IBC, 2016. The Board of Directors' powers were suspended, and the IRP was tasked with managing the company's affairs. Cooperation with the IRP and regular status reports on CIRP progress were mandated. All parties were directed to comply with the orders within the confines of IBC, 2016. Case-Laws Insolvency and Bankruptcy Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373413